According to CoinMeta, the United States and Venezuela have reached a major oil agreement, with Washington obtaining a 55% operating stake in a new joint venture covering 17 oil fields, involving over 65 billion barrels of proven reserves. The project is expected to operate under a 100-year concession and could attract nearly $100 billion in private investment. Despite its scale, the agreement is unlikely to lead to a sudden surge in supply immediately. Venezuela has approximately 300 billion barrels of proven oil reserves, but due to years of inadequate investment, sanctions, and declining infrastructure, current production is only about 1.25 million barrels per day.